The University of New South Wales (UNSW) is set to divest from all fossil fuel company investments by 2025. The University’s current portfolio includes approximately $16.2 million in companies “that directly own fossil fuel reserves”, per UNSW’s sustainability policy.
Today’s decision also follows a partial divestment announced last year.
The resolution comes after six years of sustained campaigning from campus environmental group Fossil Free UNSW, who have led the divestment campaign at the University.
A spokesperson from Fossil Free UNSW told Honi, “we are so excited that UNSW has committed to divesting from fossil fuels. This announcement has been the result of countless petitions, rallies and sit-ins organised by students and staff, and highlights the power of ordinary people coming together and demanding climate action.”
Fossil Free UNSW has also had success in electing student candidates who campaigned explicitly on divestment to the UNSW Council, the University’s chief administrative and financial body.
UNSW now joins La Trobe and the Queensland University of Technology (QUT) in committing to divesting from fossil fuels.
The University is also aiming to be carbon neutral in its electricity usage by the end of this year.
Meanwhile, the University of Sydney has so far refused to divest from fossil fuels. Information obtained under freedom of information laws last year highlighted that the University has $22.4 million invested in fossil fuel companies.
Fossil Free USyd has called on the “University of Sydney to make the same right choice on behalf of its students and fully divest from fossil fuels.”